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Leap Wireless to Cut 130 Jobs

Updated Oct. 1, 2002 10:02 a.m. ET

Leap Wireless International Inc. will cut 8% of its work force, or 130 positions, and consolidate the San Diego company's five operating regions into three, as it adapts to current market conditions and the slowdown of the wireless industry. The company on Tuesday said it expects to record a one-time charge of about $750,000 in the third quarter. Leap expects the staffing cuts to reduce costs by about $2.2 million for the remainder of the year after the charge. The moves, along with other streamlining actions the company has taken over the past year, are expected to result in cost savings of about $8.8 million for 2002...